Is there a better way to serve clients in their prime accumulation years?
In this eye-opening episode, Reese Harper and Jordan Haines dive into why traditional financial tools are failing to engage younger clients and what you can do about it.
Discover how adopting client-centric technology can simplify your workload and make financial advice more accessible and impactful for those still building their wealth.
Learn actionable strategies to reduce client anxiety, enhance engagement, and drive long-term success by focusing on what truly matters to your clients. Tune in and start revolutionizing your practice today!
Key Takeaways:
- Why current financial tools miss the mark for younger clients.
- How client-focused technology reduces advisor workload and costs.
- Actionable tips to make your advice more accessible and meaningful.
Don’t miss this chance to stay ahead of the curve and future-proof your practice.
Transcript
Jordan Haines: Welcome to element tality everyone. I’m Jordan Hanes. And I want to talk to you about a problem. That we want to solve today. And to present this, I’m going to share a conversation. Reese Harper and myself had. And it’s a big conversation where we talk about four problems that we’re trying to solve in the world for problems that [00:01:00] are primarily the reason we created elements in the first place. And there’s this little mantra that I have always in the back of my head. There are solutions. There are solutions to problems. And then there are solutions to problems that actually matter. And what we’ve built, that element is a solution to a problem that we feel actually matters. So stick around for this conversation where recent, I explore four problems. That we’ve identified that we are trying to solve in the world. If you have questions, if you have thoughts, if you have concerns and if you have pushback, please, please reach out.
We’d love to have a conversation with that. And with that. let’s get to the show.
Reese Harper: I think the thing that we’re going to be covering today, Jordan, is primarily like four big problems. Uh, the middle class is falling way behind. Um, and. Terms of their liquidity and wealth building capability. Uh, the second problem is that there’s most, most people have a [00:02:00] relationship with money that is around fear, um, anxiety, stress.
Uh, I mean, the majority of Americans have a negative association with money, not. Not a positive one. The third problem is that there’s no real wealth building model for people in their accumulation years There’s no there’s no framework to help people um develop deeper specialization earn more money, uh get better career alignment, uh, and And grow their wealth.
There’s just a lot of you know management models where you can get services once you have wealth. And then finally, we think that the technology landscape out there was never really built, uh, for clients. It, it not yet, at least it was built for advisors, to be able to serve wealthier clients, but there was never a piece of technology built for people that are building wealth, uh, [00:03:00] to be able to work with a professional.
And that, those are the four problems that we really identified that, uh, we think, um, inspired our, our invention and our team is so excited about it. It’s been so fun to like, just see how alive both our advisor community and our internal team and the clients that they work with have all been about this invention, uh, that we’ve, um,
released.
Jordan Haines: And we have some really cool things that we’ve invented, uh, that we’re really excited to share with you. And we will bring that in time, but today we want to focus on these four problems. So let’s get into this.
Reese Harper: let’s talk about the one, like one, one problem I see that’s systemic. Um, a big one, which if you’re listening to this, this is probably the thing I want you to keep in mind more than anything.
there is a massive liquidity crisis in our country. There’s a massive liquidity crisis globally for average people, because the, the way that [00:04:00] the financial systems work in a, in, Inside of capitalism, especially is it wealthier people? continue to have a higher proportional share of liquid assets If you look back in like 1990 And you see like how much?
Of the percentage of total liquid assets available liquid assets are what what jordan just to clarify? Can you be our definition definition?
Grabber, how would we define liquid assets?
Jordan Haines: best way I describe it to people who aren’t inundated into the finance world is it’s just cash on hand. Right. I think that’s the easiest way to think about it. You can think about it as cash. It’s things that are readily available to you. It doesn’t take a long time to sell an asset. Like a home is not a liquid asset because you have to sell it.
Take some time. That’s probably the easiest way to describe it is you can get access to that money very quickly
Reese Harper: I think the obvious question Jordan is what a mutual fund that I can sell. Would that be [00:05:00] considered liquid assets to you?
Jordan Haines: in the right account. Yeah, I think so. I think so.
Reese Harper: Yeah. If I can, if you can get the money within a couple of days and it’s convertible to cash or in cash, then we consider it
Now if if you look at I just went to gpt4 this morning and had it create a chart for me All right. I said show me the distribution of liquid assets in the u. s economy um For the last 30 years, so I wanted to go from you know, 2020 back to 1990 the top one percent Of income earners, okay Had just under, according to this data set, just under 25 percent of the liquid assets in the country.
Okay. 30 years later, [00:06:00] it’s doubled. It’s the top 1 percent is closer to 40 percent by 2020 of all the liquid assets. If you look at the last four years, that has increased. Another substantial amount not quite double again, but we’re well over umwe’re moving towards a place where You have to earn Too much.
You have to earn too much and you have to be in too privileged of a situation to even have liquidity We’re talking More than half the country has like five hundred dollars in the bank You or less. I mean, if you look at how the bottom 90%, you take the 90 percent of people they’re declining in terms of the amount of liquidity they have and the top percentile, if you go [00:07:00] smaller and small, it’s just smaller and smaller percentages of people are basically having more and more of the available liquid cash.
Why is that important? Why does that pose a threat?
if we’re trying to get ahead if we’re trying to rise up and we’re trying to build wealth protect our families Invest in our future.
The only way we can do that is with available excess cash And that’s why liquidity is the liquidity crisis is so important. And that’s one of four problems that I You You know, that really stimulated this, uh, technology that we built. It’s one of the things that stimulated our, the work that we’re doing right now and this podcast.
So I wanted to hit that, but let me get your reaction. I, I shared a lot there and I hope people aren’t just like turned off immediately by the complexity here, but I think that you have to know there’s a liquidity crisis for, and what I mean by that is most of you right now are going to feel. Constant financial pressure. [00:08:00] If you don’t have adequate liquid reserves, you’re going to feel constant financial pressure. If you don’t have adequate liquid reserves and those liquid reserves are things you need to build up probably greater than you have right now. Most of you do not have enough right now to feel safe,
Liquidity matters for a lot of reasons. I think that the two things for me personally, And this is frankly one of the main reasons that you and I work together right now. I’m young, right? I’m young career. I have lots of aspirations. I have a lot of ambition. I didn’t come from the traditional wealthy family, right?
Jordan Haines: There’s not going to be a massive inheritance nest egg that I get when my parents pass away. Um, I wouldn’t say by any means we were impoverished, uh, but there’s a lot of things that I want to do to create wealth for myself. I want to grow my career. I want to do all these things. And that’s partly what brought us together.
Liquidity to me, it means two things. Number one, having liquidity means that I have flexibility to capture opportunities as they come my way. Right. Whether it’s an investment or an interesting career path that maybe I don’t get paid as [00:09:00] much. Um, it means opportunities for my family. If there’s something that we want to do.
Right. And not feeling like I have to constantly second guess myself. So I think on one, on one hand, it’s opportunities. On the other hand, liquidity is almost like a direct correlation with my level of financial stress. If my liquidity is low, my financial stress is high. And sometimes it’s like, it’s really, and you’ve, you and I have had conversations about this in the past where it’s not super obvious to me that that’s where my stress is coming from. And then when it’s called out to me is, Hey, look, you don’t have a lot of liquidity and that’s why you’re feeling this pressure, this tightness, this restriction right now. And if you build that liquidity, you’re going to feel like the opportunities are there and therefore your stress is going to go down a little bit.
That to me is kind of the two main reasons why liquidity matters. Do you feel like I’m capturing
Reese Harper: yeah, I want to yeah, dude, those are great points. Um, Did did I hear risk of like a in in the in your comments? I just I would add like i’m hearing like [00:10:00] liquidity creates options It creates more choices gives you choice lots of flexibility to pursue different paths The more liquidity you have the more paths are available and open to you And i’m hearing that Maybe you didn’t say that I’m adding.
I’m trying
Jordan Haines: you are? Yeah, there’s, well, there’s two, there’s some, there’s some nuance in my mind when it comes to that. There’s this idea of that. Let’s say you have a certain amount of liquidity. And I think sometimes we look at that and say, I have a certain amount of liquidity.
Therefore I can do a certain amount of things with that liquidity.
Reese Harper: A dollar
amount? You’re
Jordan Haines: like a dollar amount. Yeah. Yeah. I honestly, I view it more as a psychological, like there’s, there’s this, this thing that’s been swirling around my mind recently. And it’s this feeling of having permission, like granting myself personal permission to do something.
And that feeling is so that feeling is often stifled when I don’t have enough liquidity. Right? Like I want permission to an explore a new [00:11:00] idea. I want permission to go with my family on vacation. I want permission to just be present with my family sometimes. And it’s often hard for me to like grant myself that permission.
If there’s just like this, this nagging feeling in the back of my mind, like your financial house is in order. And I think oftentimes that’s due to my lack of liquidity.
Reese Harper: So, so, yes, totally agree with that. And, um, It’s making me, you know, again, this is the first bullet of why we did what we did was this liquidity bullet. We’re going to go to some other ones. Jordan’s touching on the second bullet here a little bit, but let’s stay at this first one. Um, I think there’s four problems that big problems that most of you face right now if you’re trying to build wealth and you don’t have a financial background, that’s super strong.
If you think that, like if you’re listening to us and you’re learning stuff, If, if you’re listening to us and you’re not learning anything, you could just turn it off now because like you might know more than we do, in which case maybe you don’t have any problems [00:12:00] where this is not a podcast for the top quartile of 1%.
This isn’t a podcast for the, for the, the Uber wealthy. This is a podcast for people that want to be in a better place than they are now. And we’re,
We’re primarily focused on people who are like, okay, I got a little, I got a little leftover, but I still feel stuck. Or I have quite a bit and I feel stuck. or I feel uncomfortable. And we say uncomfortable. I would say it’s some variant of fear.
the words you used were below fear in terms of a hierarchy, but above that there’s this feeling of fear, the, this overriding feeling of like, I might be screwing
something up or something’s wrong here. I’m doing something wrong. That is the number one emotion that people associate with money.
And that’s our second bullet. You know, here today, is it fear drives decision making for most people financially fear drives most people’s financial decisions. You said, I need [00:13:00] permission. I’m looking to gain permission. Another way I’d say that is you’re, most of us throughout our lives will feel scared to take a risk, scared to move forward, scared to make a change, scared to make a shift, shared, scared to buy something, scared to invest in something, scared to take a risk in our job or a career or pivot.
to increase our income. It’s just fear. According to the American psychology association is one, if not the greatest fear for all Americans, but definitely the greatest fear for people in their accumulation stages of life in their, in their accumulation years, where you and I are at, where we’re building towards our retirement.
We’re not in retirement. Once you’re in retirement, healthcare becomes like your greatest fear by a mile. But like, once you’re, as you’re accumulating towards it, It’s, you know, only money is kind of the thing that affects our relationships. It affects our peace of mind. It affects our health, our [00:14:00] mental health, our physical, our biological health, like money and the fear that we have around finances.
It cripples
Jordan Haines: Is there, is there a specific fear that we’re drawing to? I, I’m getting the sense from you that it might, we’re saying fear as a generic term. Is there a fear of
Reese Harper: It is, it’s a gen lots of things, man. You, the end lot, not all of these things are objective. That’s my point is there’s a fear, just a general anxiety. that takes form. It’s irrational in some cases. It’s sometimes rational. And that’s why we had to come up with this model, uh, this invention that you and I’ve been working on for so long.
We had to separate the fear from the objective reality. Like we had to create an objective reality to sort of say, okay, like a thousand dollars does not mean the same thing to every person. A thousand dollars is a rounding error for some people and it’s [00:15:00] a lifeline for others. We, we don’t, we don’t all relate to dollar amounts the same way.
Jordan Haines: I, I, tell me if I’m wrong here. I don’t, I don’t think you’re saying get rid of fear. I think fear is just there. It’s going to happen. I think what you’re saying is sometimes we need to separate like our fear from the decision making process. Yeah. Yeah. Yeah. Our decisions should be based in
Reese Harper: Well, I’m saying like, Not every, not every, I mean, I’m just saying that exists. That’s all I’m saying. People walk around and they are, they might not say it, but most of us, when we, when you, if I say money, you think worry. It might not be fear. I’m using fear as the most generic way to describe emotions like anxiety, worry, concern, shortfall, scarcity, uh, not enoughness, I’m not doing enough, I’m not good enough, I don’t know enough about money, like, we don’t have, like, imagine if it was the opposite, I say money, and you’re like, [00:16:00] plenty, abundance, vacation, rest, happy, happy, happy, happy. Relaxed. Like that’s what we’re going for here, folks. We’re not trying to, we’re trying to transition out of fear to a different set of emotions that feel more like in the subcategory of joy or happiness. They’re in that genre. Jordan and I in this podcast will talk about five main human, well, four main human emotions, but two of them are fear and joy.
Right and money is we’re trying to shift from fear over to joy more But in order to do that, you’ve got to separate the objective reality of what’s going on With your finances like an x ray, you know We’ve got to figure out how to analyze it better And then we have to figure out is your story rational? Or is your story irrational?
But financial advice in the past has been too subjective. [00:17:00] It’s much too subjective. And that’s where I think people don’t trust financial advisors. They don’t trust. Uh, professional financial, uh, individuals there. There’s a lot of reasons why we’ll talk about that in a future episode. But again, fear is that second reason. I think we did the financial fear, financial anxiety, financial worry, financial concern, not 90 percent of the people listening to this.
When I say money, they’re going to think something around. I’m not enough. I’m not doing enough. Something’s wrong and we don’t want you to feel that way. We think it’s possible to live your life without feeling that way, and that it you’ll, your relationships will be more connected and you’ll just enjoy your day a lot better.
No, I think as we dive into here, I think that’s the solution to, you know, how do we overcome fear driving decision making? I think it’s just have an objective reality that we can reference. Whether it’s validating that fear, whether it’s overcoming that fear, whatever it is, I think that comes as a result of having that objective [00:18:00] reality.
Jordan Haines: Let’s move on to number three. What’s number three?
Reese Harper: Well, I think that most of the financial advice in because of the liquidity crisis we talked about and because of the. The way financial advisors are paid Um and compensated Historically, right? They’ve historically been paid Either by selling a product to a consumer or managing an investment account for a fee
And so what you ended up hat, what ended up happening is most of the advice, cause there’s a lot of good advice. That’s given ancillary to a product.
That’s okay. Sometimes it was really good advice, but what I’m saying is that the. That all the advice it it started Concentrating up market where people had liquidity where people had most More money more income more assets. And so the business of advice or any advice that was evolving It wasn’t evolving for people in their accumulation years.
[00:19:00] We weren’t giving advice to people in their 30s and 40s and 50s Before retirement we weren’t catching them early because there was no You know There was no incentive for the wealth management community to go there. Like, why would you go down to a 31 year old who has no money, no income, no future? And say, Hey, I’m going to start helping you out, you know, like, and prematurely, even though I don’t even know if you’ll be able to get wealthy.
Like what’s the incentive to help someone become wealthy? There, there isn’t, there wasn’t really one. There’s not really one until financial, until you have, uh, an actual product or an, something that can help someone during their accumulation years. Um, there really isn’t an incentive. So I’m just, I think the third problem for me is that advice has primarily been focused on retirees, uh, people at the later stages of their career, or when people already [00:20:00] have wealth, that’s when the financial advisors are available after they get it.
But when, What about before then? What about earlier? You know, that’s, that’s a problem. And that’s one we wanted to solve with our invention is we have to have a way for advice, good advice to get to someone early enough in their life when it could actually make a difference.
You just need time. And so one of the problems that stimulated our investment or our invention in elements was we got to go down, we got to get to people early enough in their life when it can make a difference. And we’ve got to tell them what really matters earlier so that they don’t get distracted and think that, you know, it’s the way to solve the problem is X.
When it’s really why we’ve had to get to root cause. You have to identify root cause of wealth, and sometimes that can be emotional. Like we’ve talked about in our fear bullet Sometimes it’s functional where they’re just not making [00:21:00] enough for their income level or their debt is structured poorly or their taxes aren’t managed well, or their personal budget is way off or they’re not saving enough or There’s functional stuff and there’s emotional stuff and both are problematic And we just have to get them get early enough into their life And work with them at a young enough age to where it solves the the problem with some predictability.
That’s going to take You You know decades for someone to really have an excellent financial Situation. It’s not gonna be done in five
Jordan Haines: Yeah.
Reese Harper: And so you can’t start at
Jordan Haines: This has been something that, um, I would say has been the most recent revelation from our conversations together to me has been articulating what this thing is that I’ve desired for so long as a financial advisor,
Um, at least from our perspective as financial advisors, we’ve created a really good service, a really good way to help people who have the wealth. It’s there. We have a good way to serve the people who are going to receive the wealth. [00:22:00] Once they have it, right, what we don’t have is a really good service or a really easy or clear way to serve those who don’t have the wealth but are wanting to build their own wealth, a life of purpose, a good career, things, a legacy to pass on to their Children, whatever that is to that person.
There’s not really a good way today with the existing set of tools. And the existing set of advisors to serve that person as a, well, I’m sure people listening to this, you’re going to hear a lot of what we have built and the network we have built of other people who also want to help those that are in similar situations.
But that frankly is what’s brought me here is, you know, I want to serve people like me who, who want to build that wealth. They’re ambitious, but they don’t have it yet. And the advice, the advice and the way that you serve them is very different. It’s not the same advice. Yeah, don’t. Anyway, I talked to last anecdotal experience.
I talked to
a friend of mine, um, at a party we had recently, he said, so what kind of advice are you doing nowadays? What kind of advisor are you? And, uh, [00:23:00] and I expressed what it was. And I asked him if he’d met with a financial advisor before. And he said, yeah, I met with my dad’s financial advisor.
And I was like, how was the experience? He said, it was terrible. I wanted to yell at the guy after he was telling me stuff that didn’t matter to me right now. Like he just didn’t understand. And I said, is there any wonder why he works with your father who is like 72 years old? I mean, so that, that, I, I think that there’s probably a lot of people here that feel that same way.
Those of you who have maybe have interacted with a financial advisor before or spent any time at any time in the advice industry and the financial advice industry, that’s probably what it feels like.
Reese Harper: well, yeah, I mean you want advice from someone who’s generally Who you can relate to and who you feel like is aware of what your, your specific needs are. And sometimes, uh, the different, the generational differences between financial advisors is pretty significant. Like they, they’re a good financial advisor serving the needs of a world [00:24:00] that your parents were in.
Right. And, A world where there were pension plans and jobs didn’t turn over every three years and where you didn’t have to have deep specialization, but you could just go into something like accounting or marketing. It’s like, those weren’t, those were broad enough places to focus, like, or those were specific niches at the time.
Like, accounting was a very specific niche. career. Now it’s like, well, what kind of accountant are we talking about? What kind of marketer are we talking about? What kind of dentist, what kind of doctor, what kind of financial advisor are you, right? The world’s population is increasing. Technology is eating some of the industrial age jobs that were available for your parents, financial, as your parents, financial advisor.
When, if your parents, financial advisor was giving out advice, it was usually like, Okay, I have the it was generic. I have the [00:25:00] same advice for every person And if a 40 year old shows up, it’s the same advice as if a 65 year old shows up And if they’re in retirement, it’s the same as if they’re accumulating and it’s all about what?
Here’s how to invest your money so in the industrial age of financial planning when we were Helping people invest their ira rollovers And work with investing We kind of just took that same product and we said, we’re just going to give that to younger people. We’ll, we’ll just sell the product, the same product to more people, but that’s not how it really works in real life.
Most people need a different product. at a different life stage. Um, and most of the advice technology that’s built, it wasn’t built for people during their accumulation years.
So we can stop kind of hitting that bullet and go to the last one. But I think this last one is probably, um, the most significant [00:26:00] differentiator, uh, for why, what we decided to do is it has to do with technology. And In order for someone in my experience to get to make progress, a consumer, like in order for a client to make progress, the technology that we design has to be thought about from their point of view. Like we have to build technology from the client’s point of view, not from the advisor’s point of view.
Because the, the technology that’s been available up till now has primarily been sold to the financial advisor. And then there’s a window that gets opened for the client. And it’s like, just look at, look at the work your advisor’s doing. Right. But that’s not the way that someone who’s in their accumulation years, uh, are not looking at the same things that someone at 65 would be looking at [00:27:00] or.
someone that 70 is going to be looking at. There’s different things that you’re going to need at that later stage of your life. You’re going to want to look at different things, but a lot of the software and technology that’s been built was built for the advisor, not for the client. There is no true client software because the, in order to make a client and an advisor relationship work well, there’s some key things that the client needs to do. And I want to talk a little bit about those today
bullet number one on on what would make this technology different is This needs to be more like the client’s um Financial records that they’re maintaining Like they In order to why and why would that why does that matter? Well, if go back to our other pain points if It’s true that financial advisors are mostly working with wealth, like the wealthiest people and their time gets naturally [00:28:00] and understandably Drawn into the wealthiest Individuals because there’s still a shortfall of financial advisors.
It’s not like there’s Plenty to go around so the wealthier people are still knocking down their doors and the best advisors are always busy always busy And so why don’t they work with people during their accumulation years? Why don’t they work with younger clients? Well, it’s, it’s partially because it’s too expensive to work with those people.
They don’t have enough resources to pay them. Why don’t they have, why is it too expensive we can solve? We can’t make you get more money immediately. Like we can’t just turn on a switch and give everyone more money, but we can lower the cost of talking to a financial advisor. We can drive down the cost of a conversation.
We can drive down the cost of getting to the good advisor. We can drive down the cost of time. We can bring down the hours required to do [00:29:00] analysis, collect data, uh, by giving the client a piece of technology that’s written in their language. That’s simple. That is really easy to understand. And that way the client can sure that their conversations with their financial advisor are very productive Comprehensive they don’t miss things and the advisor doesn’t now have to spend a ton of time like doing industrial age kind of jobs collecting data organizing information Verifying data points it’s like the client knows their situation as long as We create a, a simple way for them to be able to interact.
We’re not going to use complicated terminology like, um, uh, quantitative easing and inflation, [00:30:00] we’re just going to keep it super simple, but if you can figure it out, you’re going to save a ton of time working with your financial advisor and your financial advisor is going to be able to add more value and they’ll be able to do it at a lower cost.
And all you have to do is put in a, you know, a little bit of time maintaining your data so that when they look at it, they’re the doctor, you’re going to bring them your vital signs, essentially your blood pressure readings, your cholesterol reports, you’re just going to go like, here, here’s my. Over time i’ve been tracking my blood pressure for like two years and here’s what i’ve seen What do you think I should do or i’ve been monitoring my stuff for a year and I think I Am worried about this.
What do you think? So you’re gonna bring Knowledge, you’re gonna bring your technology to your financial advisor and go Hey, I gotta I want to dig deeper here. I want to make progress Help me You probably can see some things I can’t see [00:31:00] Give me a second opinion help me dive deeper Help me make sense of my data But if we delegate as consumers who are struggling who are in that, you know Trying to grow and build our wealth if we don’t bring our data to our financial advisor If we don’t do some of that work then We’re going to be paying a much higher price Like we’re going to be paying a higher price and that price is going to be in the form of you better have a lot Of investments to manage or you better be willing to pay a pretty high fee Or you better be willing, uh, to sign up for a premium package and pay cash.
You know, like there’s going to be a price for your financial advisor doing data entry and basic analysis, because most of the cost, uh, at least according to an industry expert that we listened to a lot, Michael Kitsies, he, he, his research has shown that there’s somewhere around 15 hours. Of preparation work just to like talk to you So, you know when you like [00:32:00] go to talk to a financial advisor and you’re like man, nothing really happened I don’t or you know first couple conversations doesn’t really feel like we really got anywhere and it’s kind of takes a while to Sort of get to the point a lot of that’s because they’re just collecting information like tons of information That is needed to give good advice good advice can’t be given Um, quickly, you have to take in a lot more information and the best advice is always delivered over time.
It’s never in a transaction. It’s never in a moment. It’s never in an hour. It’s always like, man, I really invested a lot with this person, kind of like a, a coach or a, a physician. And it’s like, man, in year two, in on, in May, this random day, you know, during, in May, my advisor told me this and it changed my life.
But that advisor may have had to have watched you and observed you for a year. To identify this piece of advice that was perfect for you to change the trajectory of your wealth So I think that the we’re just trying to flip the industry and say [00:33:00] look Patients or clients should be like in charge of maintaining their medical records for finances their financial records like keep your own financial records and then socialize those with your advisor and See what happens my guess is that they will be like blown away that you know what you’re talking about They’ll be blown away that you know a language about money They’ll be blown away that you’re organized and that you’re bringing um them ideas and They’re gonna love that.
They don’t have to go and collect all your Information because that’s the worst part of their job.
It’s the worst part of the job man.
Jordan Haines: I think, so as you’re, you, you brought this in, you said technology is a big problem. I’m sitting here thinking like, why does this matter to a normal person? Because we’re talking about financial advisor technology. And I actually think what you’re saying to me, the word that keeps kind of bouncing around my head is, um, infrastructure.
To give advice, there needs to be some level of infrastructure so I can give that advice. And I think what you’re, you’re calling to with this [00:34:00] technology is if, if we can update the, the internal, the technological infrastructure to be able to give advice, it’ll make it more accessible to people like me.
Right. And so, um, how do we do that? We shift the power away from the advisor who has to do all the data gathering and maintain the system and do all this stuff that, that we’re But most technology is what they’re doing today to the person who is maintaining their own data. And they have control over their own financial health records.
And they go to a professional and they say, look at my life, look at all of this in one easy to view, simple place. Here you go. Financial advisor. I would like your advice, not your management, right? I want your advice. And I think that that’s what this is doing.
Reese Harper: Yeah. It’s like, I want your advice. How you pay for that, man, I don’t care. You could pay for that by investing money with them, man. Just, you could, you can pay them in cash for a one time consult. You could pay them in a planning fee and a membership model and an annual retainer through your [00:35:00] 401k.
Like, I don’t, I don’t know how you’re going to pay them. All I’m saying is if you bring them A more accurate set of data. You’re going to get better advice and it’s probably going to be less
Jordan Haines: Mm hmm.
Reese Harper: and they’re going to be able to focus on advice. They’re going to be able to focus on giving you those.
really important insights that they have, especially if they understand your occupation or, or the, uh, the area of where, how you earn money, how you make money, because, you know, building wealth, isn’t just about saving more, it’s about earning more too. And, um, you know, we’ll talk a lot about that in the show.
So thanks for giving us a chance to be in your ear for a few minutes a week.
Jordan Haines: I think we did it.